Video streaming content has grown rapidly in recent years, and the trend is expected to continue. New technologies, such as AI, play a major role in in editing, cinematography, voice-overs, scriptwriting, and several other aspects of video production and uploading, as various video streaming solution companies are using AI to improve the content quality of their videos. In addition, social media companies have capitalized over time on the popularity live streaming. In fact, the live streaming segment accounted for the largest revenue share in 2020, with around 61% of market share. This is attributed to the surging demand for digital media devices, coupled with faster internet helping consumers access media content remotely. And, according to data published by Grand View Research, the global video streaming market size was valued at USD 50.11 Billion in 2020.
Augmented reality is now becoming a more prominent technology in the social media sector. After Snapchat pioneered it, Facebook, Instagram, Pinterest and TikTok have launched their own lenses, filters and effects. In the process, AR has shown its value not only for branding and entertainment, but also for commerce. A few recent developments from the social media world include Facebook’s roll out of AR advertising and Instagram adding try-on features. According to a report by eMarketer, the shutdown of many retail stores spurred some marketers to invest more in AR as a way to offer virtual try-on and other experiences typically only available in-store.
Scienjoy Holding Corporation just announced breaking news regarding, “select preliminary estimated unaudited financial results for the first quarter ended March 31, 2021.
First Quarter 2021 Preliminary Results
‘These preliminary first quarter metrics highlight our solid sequential revenue growth, steady improvements to profitability, and strong business fundamentals,’ said Victor He, Chairman and Chief Executive Officer of Scienjoy. ‘During the quarter, as a result of our efforts to upgrade our platforms, advance our R&D capabilities, and refine our platform operations, we continued to attract and retain more users and broadcasters throughout our entertainment livestreaming ecosystem. Looking ahead, we remain committed to increasing engagement on our platforms and recognizing the significant potential of emerging technologies, such as augmented reality, virtual reality, NFTs, and more. As such, we plan to continue exploring these use cases to unlock new development opportunities, grow our platform communities, and deliver lasting shareholder value.’
These select preliminary unaudited financial results are based upon information available to the Company as of the date of this press release and subject to change in connection with the Company’s financial closing procedures and finalization of the Company’s financial statements for the first quarter ended March 31, 2021. The Company’s actual results may vary materially from these estimates. In addition, the Company’s independent registered public accounting firm has not audited or reviewed, and does not express an opinion with respect to, this preliminary data. Accordingly, these estimates should not be viewed as a substitute for the Company’s full interim financial statements.”
Amazon.com, Inc. , Amazon Music and Twitch announced last September, the incorporation of Twitch’s live streaming functionality into the Amazon Music app, enabling fans to engage with artists in brand-new ways and move seamlessly between live streams and recorded music. iOS and Android artists across the world can connect live with Amazon Music’s customers across all streaming tiers. “The combination of live streaming, coupled with the on-demand playback of songs on Amazon Music is groundbreaking,” said Ryan Redington, Director, Amazon Music. “We’re providing artists with more tools to instantly engage with fans, and this new feature couldn’t arrive at a more crucial time in the industry. More than 1,000 artists have already connected their Amazon Music accounts to Twitch, and this is just day one. Together with Twitch, we’re making it possible for artists across all genres, at all moments of their careers, to harness the social power of live streaming to create more engagement with their recorded catalog.”
Alphabet Inc. subsidiary YouTube announced last year that the platform will be the exclusive live streaming home for Felix Kjellberg, aka PewDiePie, one of the world’s most popular gaming celebrities and content creators. “YouTube has been my home for over a decade now and live streaming on the platform feels like a natural fit as I continue to look for new ways to create content and interact with fans worldwide,” Kjellberg said. “Live streaming is something I’m focusing a lot on in 2020 and beyond, so to be able to partner with YouTube and be at the forefront of new product features is special and exciting for the future.”
Baidu, Inc. announced last November, that the Company had entered into definitive agreements with JOYY Inc. (“JOYY”). Pursuant to the agreements, Baidu will acquire JOYY’s domestic video-based entertainment live streaming business in China (“YY Live”), which includes YY mobile app, YY.com website and PC YY, among others, for an aggregate purchase price of approximately US$3.6 billion in cash, subject to certain adjustments. The closing of the transaction is subject to certain conditions and is currently expected to occur in the first half of 2021. “Baidu has built a vibrant mobile ecosystem in the past few years to enable the fast growth of our non-advertising revenues by increasing log in users, adding social engagement to our platform and expanding non-advertising offerings, including membership, live streaming and online games. This transaction will catapult Baidu into a leading platform for live streaming and diversify our revenue source.” said Robin Li, Co-Founder and CEO of Baidu.
Tencent Holding Ltd. announced on January 19th, its social networking tool Weixin celebrated its 10th anniversary at this year’s Weixin Open Class PRO, and disclosed that its ecosystem has continued to grow with flagship services including Mini Programs having attracted more users and served more businesses. Weixin Video Accounts, or Channels, empowers businesses and other influencers to create and watch video and photo feeds. Weixin Channels was only in operation for one year, but has been widely adopted by brands and influencers as a fun and creative way to grow their fan bases. A number of well-known brands such as Nio, JD.com and Baidu have utilized short videos or live-streaming to grow followers, as well as market and sell products directly to consumers.
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